Emotional intelligence (EI) has been a popular topic in the field of organizational behaviour. Research shows that emotional intelligence successfully predicts job performance and leadership skills. Based on these reasons, this study attempts to evaluate the impact of emotional intelligence on academic performance of business students. It also aims to analyze if business schools contribute to the development of emotional intelligence in students. Data was collected from 325 business students studying in three business-related institutions. This study measures emotional intelligence by employing Trait Emotional Intelligence Questionnaire Short Form (TEIQue SF) and academic performance through grade point average (GPA). Hierarchical regression analysis was conducted to ascertain the effect of emotional intelligence on academic performance of business students. Findings suggested that the relationship between emotional intelligence and academic performance was weak. However, the relationship between emotional intelligence and academic performance improves considerably over the years. These results imply that the curriculum and evaluation system in our business schools needs to be designed adequately in order to reflect the emotional intelligence of our students, as emotional intelligence is a key capability for managerial success.